Economic Fundamentals and Decision Making

What happens when demand for an item slows down?

This sets a limit on the amount that is allowed to be imported, in hopes of saving domestic jobs.

The four factors of production are: needs, wants, goods and services.

What happens when there is a high demand for an item?

A person who satisfies a need or want by buying a good or service.

Nonrenewable resources cannot be replaced once taken from Earth.

This is a complete ban on trade.

These are essential, or very important, for human survival.

Becoming an expert in one part of a larger business or market.

The quantity of a good or service available for sale.

Something beyond what is essential for human survival. These are nice to have.

Products of Earth and its atmosphere that are useful to humans.

Tools used in the production of goods and services.

All of the following are factors of production, EXCEPT.

The quantity of a good or service that consumers are willing to buy.

This is a tax on imports

Entrepreneurs take a financial risk when opening a new business.

Trying to satisfy unlimited wants with limited resources.

When people start their own businesses or create new products.

Tangible items such as clothing, food, furniture, and electronics.